About: ESM Archives
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Greece’s creditors demand further reforms
The European institutions and the IMF are increasing their demands on Greece, despite the recent reforms adopted by the Greek parliament. Athens can hardly afford to resist. Our partner La Tribune reports.
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ESM chief: Grexit still possible
Greece runs the risk of having to withdraw from the eurozone if it does not comply with its payment and reform obligations, says the European Stability Mechanism's Managing Director, Klaus Regling. EURACTIV Germany reports.
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Juncker: ‘I don’t think the Greek people have been humiliated’
“I don’t think the Greek people have been humiliated and I don't think that the other Europeans are losing their faith,” said European Commission President Jean-Claude Juncker on Monday (13) July).
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Tsipras faces the heat of the EU machine
Alexis Tsipras found himself under enormous pressure today (8 July), as he was attacked by representatives of the institutions, centre, and centre-right MEPs.
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Gabriel: Germany wants Greece in the eurozone
The German government wants Greece to stay in the eurozone and there are no contingency plans to the contrary, Vice Chancellor Sigmar Gabriel said yesterday (4 January), responding to a media report that Berlin believes the currency union could cope without Greece.
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Socialists, Liberals bicker over Juncker’s multi-billion investment plan
As European Commission President Jean-Claude Juncker prepares to unveil a €300 billion plan to boost investment in the Union, the liberal ALDE and the Socialists in Parliament tabled alternative proposals, stoking controversy amongst themselves.
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Eurozone backs ESM credit line for Greece after bailout exit
Eurozone finance ministers backed a precautionary credit line for Greece on Thursday (6 November), after the country exits its bailout at the end of the year, in a bid to balance the need to reassure investors with the demands of Greek politics.
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Ireland wants to repay IMF loans before eurozone bailout fund
The IMF is in favour of Ireland refinancing its bailout loans and Dublin would like to begin the process this year if it can get agreement in Europe, finance minister Michael Noonan said on Monday (28 July).
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Eurozone set for direct bank recapitalisation in 2015
The euro zone's bailout fund, the European Stability Mechanism, could directly invest in a troubled bank next year, after 8% of the bank's total liabilities are written off, the chairman of eurozone finance ministers said on Monday (5 May).
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Schäuble: ‘We are ready to speed up’ EU bank rescue fund
The European Union is considering ways to ensure that a future eurozone fund to finance bank closures will always have enough cash, including the option of halving the time in which the fund would reach its full size to five years.
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Germany opposes rescuing ailing banks with EU money
Germany challenged a central plank of plans to forge a banking union in the eurozone yesterday (14 November), arguing against the use of the currency bloc's funds to help lenders exposed as dangerously weak by health checks next year.
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Ministers put straitjacket on bailout fund
Eurozone finance ministers agreed on Thursday (20 June) how its European Stability Mechanism (ESM) can invest in troubled banks, but imposed so many conditions that they may not completely succeed in their goal of separating problem banks from their indebted home countries.
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EU official warns against Cyprus contagion risk
Cyprus's debt crisis risks spreading to other euro zone countries, the head of the euro zone's bailout fund said in a newspaper interview, urging a rapid decision on aid for the Mediterranean island country.
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Japan weighs purchase of first eurozone bailout bonds
Japanese Finance Minister Taro Aso said today (8 January) that his country will purchase bonds issued by the eurozone's bailout fund to help foster financial stability.
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Spain to receive EU bank aid mid December
Eurozone finance ministers approved yesterday (3 December) the disbursement of nearly €40 billion to help shore up Spain's strained banking system.
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Eurozone bailout funds downgraded over French fears
Credit ratings agency Moody's has cut its rating for the eurozone rescue funds ESM and EFSF to Aa1 from Aaa following its downgrade of France earlier in November.
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Spanish aid rumours drown out EU summit agenda
Rising expectations that Spain will soon ask for a euro zone credit line to help cut its borrowing costs look set to dominate a European Union summit beginning on Thursday (18 October), potentially crowding out talks on a disputed banking union.
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Eurogroup launches permanent rescue fund, says Spain does not need bailout
Eurozone's new permanent rescue fund was launched on Monday at a meeting of finance ministers in Luxembourg. Funded by taxpayers' money, the so-called European Stability Mechanism will have a 500 bn euro budget to help finance debt-ridden countries.
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ESM kicks off as its first client keeps low profile
Eurozone finance ministers meeting in Luxembourg launched the European Stability Mechanism (ESM) yesterday (8 October), a €500-billion rescue fund for the 17 countries that share the currency. Its first task will be to help Spain recapitalise its banks, but reportedly no discussion took place about Madrid needing a full bailout.
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Germany clears last hurdle to ESM bailout fund ratification
Germany cleared the last legal hurdle to ratifying the euro zone's new bailout fund on Wednesday (26 September) with a cabinet declaration that addresses concerns raised by the country's Constitutional Court. The German parliament will have veto rights over any increase in Berlin's contribution, which is now capped at €190 billion.
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Eurozone to boost bailout fund firepower to €2 trln: report
Eurozone states are preparing to allow the bloc's permanent bailout fund to leverage its capital in the same way as its predecessor so it can reach a capacity of more than €2 trillion and rescue big countries if necessary, Der Spiegel reported yesterday (23 September).
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German court clears way for ESM rescue fund
Germany's Constitution Court today (12 September) rejected efforts to block the European Stability Mechanism - the eurozone's €500-billion bailout fund - paving the way for the country's ratification of the fiscal compact.
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Hollande sticks to his guns, calls for EU debt pooling
France’s President François Hollande has insisted that the European Union needed more solidarity and a system for debt mutualisation, a position which fell foul of Germany’s insistence that this should only happen after countries agree to greater fiscal oversight from Brussels. EURACTIV France reports.
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Commission plays down risk of ESM ratification delay
The European Commission today (14 August) downplayed any risk of a substantial delay in Germany’s final approval of the eurozone's permanent bailout fund despite efforts to postpone a ruling on its legality.